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STEALTHGAS INC. Reports Third Quarter and Nine Months 2007 Results and Announces Quarterly Cash Dividend of $0.1875 per Common Share

ATHENS, GREECE--(Marketwire - November 13, 2007) - STEALTHGAS INC. (NASDAQ: GASS), a
ship-owning company serving the liquefied petroleum gas (LPG) sector of the
international shipping industry, announced today its unaudited financial
and operating results for the quarter and nine months ended September 30,
2007.

Third Quarter 2007 Results:

For the quarter ended September 30, 2007, net revenues amounted to $23.2
million and net income was $4.0 million an increase of $4.6 million or
24.4% and an increase of $1.9 million or 91.0% respectively from net
revenues of $18.7 million and net income of $2.1 million for the quarter
ended September 30, 2006.

Basic and diluted earnings per share, calculated on 20,574,635 basic
weighted average number of shares and 20,633,070 diluted weighted average
number of shares were $0.19 for the quarter ended September 30, 2007 as
compared to earnings per share of $0.15, basic and diluted, calculated on
14,239,130 weighted average number of shares for the third quarter of 2006.

Adjusted EBITDA for the third quarter of 2007 was $9.7 million, an increase
of $2.3 million or 30.5%, from $7.4 million for the same period of 2006. A
reconciliation of Adjusted EBITDA to Net Income and to Net Cash provided by
operating activities is set forth below.

For the third quarter of 2007, the Company reported a non-cash expense of
$2.7 million, which includes an unrealized, non-cash loss of approximately
$1.7 million on three previously disclosed interest rate swap arrangements
and a provision of approximately $1.0 million for restricted-stock portion
of deferred stock-based compensation for the Company's employees and
directors. This compares to an approximately $1.5 million unrealized
non-cash loss on three previously disclosed interest rate swap arrangements
for the third quarter of 2006. Excluding these non-cash items, net income
would have been $6.7 million, or $0.33 per share, basic and diluted for
third quarter 2007 as compared to $3.6 million, or $0.25 per share, basic
and diluted for the third quarter of 2006.

An average of 35.1 vessels were owned by the Company in the third quarter
of 2007, earning an average time-charter-equivalent rate of approximately
$6,747 per day as compared to 28.0 vessels and earning an average of $6,675
per day for the same period of 2006.

Nine Months 2007 Results:

For the nine months ended September 30, 2007, net revenues amounted to
$63.9 million and net income was $16.3 million an increase of $11.1 million
or 21.0% and an increase of $2.46 million or 19.0% respectively from net
revenues of $52.8 million and net income of $13.7 million for the nine
months ended September 30, 2006.

Basic and diluted earnings per share, calculated on 16,480,829 basic
weighted average number of shares and 16,500,522 diluted weighted average
number of shares were $0.99 for the first nine months ended September 30,
2007 as compared to earnings per share of $0.97, basic and diluted,
calculated on 14,080,586 weighted average number of shares outstanding for
the first nine months of 2006.

Adjusted EBITDA for the period ended September 30, 2007 was $33.6 million,
an increase of $7.1 million or 27.0%, from $26.5 million for the same
period of 2006. A reconciliation of Adjusted EBITDA to Net Income and to
Net Cash provided by operating activities is set forth below.

For the first nine months of 2007, the Company reported a non-cash expense
of $2.4 million, which includes a unrealized, non-cash loss of $1.4 million
on three previously disclosed interest rate swap arrangements and a
provision of approximately $1.0 million for restricted-stock portion of
deferred stock-based compensation for the Company's employees and directors
as compared to the first nine months of 2006, where the Company reported a
non-cash loss of $0.2 million on three previously disclosed interest rate
swap arrangements. Excluding these non-cash items, net income would have
been $18.8 million, or $1.14 per share, basic and diluted for nine months
ended September 30, 2007 as compared to $13.8 million, or $0.98 per share,
basic and diluted for the nine months ended September 30, 2006.

An average of 31.3 vessels were owned by the Company in the first nine
months of 2007, earning an average time-charter-equivalent rate of
approximately $7,095 per day as compared to 25.2 vessels earning an average
of $7,117 per day for the same period of 2006.

Management Commentary:

CEO Harry Vafias commented: "During the third quarter of 2007, we were able
to achieve a strong quarter in our financial and operational performance as
a result of the charter rates secured by our fleet under our period
charters. We also took delivery of two vessels that we had previously
announced to acquire further expanding our fleet to 36 vessels during the
third quarter. Additionally, we are pleased to have announced during the
third quarter the renewals of charters for eleven of our vessels at higher
rates, which emphasize our strong relationships with major international
operators in the LPG industry. In this context, we have already secured 86%
of our fleet under period contracts for 2008 and 45% for 2009. We believe
that the outlook for the handy size LPG sector will remain positive over
the next two to three years, thereby providing opportunities for further
fixtures at higher rates and in turn increasing our voyage revenues and
thus our profitability.

"Finally, we have declared our eighth consecutive dividend of 18.75 cents
per share, and since we went public in October 2005 we have declared
aggregate dividends of $1.50 per share. We believe that our emphasis on
fleet growth and securing our vessels on profitable time and bare boat
charters will further enable us to reward our shareholders in the long
term."

CFO Andrew Simmons commented: "We are pleased to announce that we have
managed to strengthen the company's financial structure with our cash
resources having increased from $11.1 million at the end of third quarter
of 2006 to $67.5 million at the end of third quarter of 2007, due in part
to the successful follow on equity offering we undertook in July of 2007.
In addition, at the end of third quarter 2007, our net debt to
capitalization stood at 17.8% down from 49.2% at the end of second quarter
2007. Hence, we believe that we have significant capacity to continue with
our fleet expansion strategy as and when opportunities arise in the future,
whilst at the same time continuing our policy of a well structured
financial position."

Quarterly Dividend:

At today's meeting, the Company's Board of Directors declared a quarterly
cash dividend of $0.1875 per common share, payable on November 30, 2007 to
shareholders of record on November 23, 2007.

This is the eighth consecutive quarterly dividend since the company went
public in October 2005. Since then, STEALTHGAS has declared quarterly
dividends aggregating $1.50 per common share.

Completion of Follow-on Offering:

In July 2007, the Company concluded a follow-on offering of 7,660,105
shares of common stock, including 460,105 over-allotment shares, resulting
in net proceeds, after deducting the underwriting discounts and commissions
and the estimated offering expenses, of approximately $129.6 million. The
shares were sold to the public at a price of $18.00 per share. The final
number of shares offered represented an increase of 1,660,105,000 shares
from the originally proposed offering size.

The Company has used a portion and intends to use the remaining net
proceeds of the offering to pay the remaining balance of the purchase price
for five LPG carriers which it had previously agreed to acquire (all of
which have now been delivered to the Company), repay outstanding
indebtedness incurred to acquire certain vessels in its current fleet, and
for general corporate purposes.

Fleet Developments:

As previously announced, the Company has agreements to acquire three
additional LPG carriers, the M/V "Gas Sophie," a 1995 built 3,500 cbm Fully
Pressurized ("F.P.") LPG carrier, the M/V Gas Haralambos, a 2007 built
7,000 cbm Fully Pressurized ("F.P.") LPG carrier to be delivered in the
fourth quarter of 2007 and the the M/V "Gas Premiership," a 2001 built,
7,200 cbm Fully Pressurized ("F.P.") LPG carrier with expected delivery in
February 2008. Once these acquisitions are completed, the Company's fleet
will be composed of 39 LPG carriers with a total capacity of 171,629 cubic
meters (cbm).

On September 18, 2007, the Company also announced new charter arrangements
at higher rates as follows new time charter agreements M/V "Gas Czar" and
M/V "Gas Nemesis." In addition, the Company has entered into a new bareboat
charter for M/V "Gas Ice" and extended time charters for M/V "Gas
Renovatio," M/V "Gas Zael," M/V "Gas Sincerity," M/V "Gas Shanghai," M/V
"Gas Kalogeros," M/V "Gas Legacy," M/V "Gas Icon" and the M/V "Gas Spirit."

The following key indicators highlight the Company's operating performance
during the nine months ended September 30, 2007 and September 30, 2006.

FLEET DATA 9M 2007 9M 2006
------------ ------------
Average number of vessels (1) 31.3 25.3
------------ ------------
Period end number of vessels in fleet 36.0 28.0
------------ ------------
Total calendar days for fleet (2) 8,533 6,875
------------ ------------
Total voyage days for fleet (3) 8,467 6,782
------------ ------------
Fleet utilization (4) 99.2% 98.7%
------------ ------------
Total time charter days for fleet (5) 7,932 5,928
------------ ------------
Total spot market days for fleet (6) 535 854
------------ ------------
AVERAGE DAILY RESULTS 9M 2007 9M 2006
------------- -------------
Time Charter Equivalent - TCE (7) $ 7,095 $ 7,117
------------- -------------
Vessel operating expenses (8) 2,045 2,041
------------- -------------
Management fees 345 326
------------- -------------
General and administrative expenses 421 290
------------- -------------
Total operating expenses (9) 2,466 2,331
------------- -------------
1) Average number of vessels is the number of vessels that constituted our
fleet for the relevant period, as measured by the sum of the number of days
each vessel was a part of our fleet during the period divided by the number
of calendar days in that period.
2) Total calendar days are the total days the vessels were in our
possession for the relevant period including off-hire days associated with
major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels were in
our possession for the relevant period net of off-hire days associated with
major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were
available for revenue generating voyage days, and is determined by dividing
voyage days by fleet calendar days for the relevant period.
5) Total time charter days for fleet are the number of voyage days the
vessels in our fleet operated on time charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days
the vessels in our fleet operated on spot market charters for the relevant
period.
7) Time charter equivalent, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is determined by
dividing voyage revenues (net of voyage expenses) by voyage days for the
relevant time period. Voyage expenses primarily consist of port, canal and
fuel costs that are unique to a particular voyage, which would otherwise be
paid by the charterer under a time charter contract, as well as
commissions. TCE is a standard shipping industry performance measure used
primarily to compare period-to-period changes in a shipping company's
performance despite changes in the mix of charter types (i.e., spot
charters, time charters and bareboat charters) under which the vessels may
be employed between the periods.
8) Vessel operating expenses, which include crew costs, provisions, deck
and engine stores, lubricating oil, insurance, maintenance and repairs is
calculated by dividing vessel operating expenses by fleet calendar days for
the relevant time period.
9) Total operating expenses, or TOE, is a measurement of our total expenses
associated with operating our vessels. TOE is the sum of vessel operating
expenses and general and administrative expenses. Daily TOE is calculated
by dividing TOE by fleet calendar days for the relevant time period.

Adjusted EBITDA Reconciliation:

Adjusted EBITDA represents net earnings before interest, taxes,
depreciation, amortization and amortization of fair value of acquired time
charters. Adjusted EBITDA does not represent and should not be considered
as an alternative to net income or cash flow from operations, as determined
by the accounting standards generally accepted in the United States of
America, and our calculation of Adjusted EBITDA may not be comparable to
that reported by other companies in the shipping or other industries.

Adjusted EBITDA is included herein because it is a basis upon which we
assess our financial performance and liquidity position and because we
believe that it presents useful information to investors regarding a
company's ability to service and/or incur indebtedness.

There will also be a live and then archived webcast of the conference call,
through the STEALTHGAS INC. website (www.stealthgas.com). Participants to
the live webcast should register on the website approximately 10 minutes
prior to the start of the webcast.

Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company
serving the liquefied petroleum gas (LPG) sector of the international
shipping industry. STEALTHGAS INC. currently has a fleet of 38 LPG carriers
with a total capacity of 164,429 cubic meters (cbm). In addition,
STEALTHGAS INC. has entered into an agreement to acquire one second-hand
LPG carrier with expected delivery in February 2008. Once this acquisition
is complete, STEALTHGAS INC.'s fleet will be composed of 39 LPG carriers
with a total capacity of 171,629 cubic meters (cbm). STEALTHGAS Inc.'s
shares are listed on NASDAQ and trade under the symbol "GASS."

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect our current views with
respect to future events and financial performance and may include
statements concerning plans, objectives, goals, strategies, future events
or performance, and underlying assumptions and other statements, which are
other than statements of historical facts. The forward-looking statements
in this release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without limitation,
management's examination of historical operating trends, data contained in
our records and other data available from third parties. Although
STEALTHGAS INC. believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond our control, STEALTHGAS INC. cannot assure you that
it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include
the strength of world economies and currencies, general market conditions,
including changes in charterhire rates and vessel values, changes in demand
that may affect attitudes of time charterers to scheduled and unscheduled
drydocking, changes in STEALTHGAS INC.'s operating expenses, including
bunker prices, dry-docking and insurance costs, or actions taken by
regulatory authorities, potential liability from pending or future
litigation, domestic and international political conditions, potential
disruption of shipping routes due to accidents and political events or acts
by terrorists.

Risks and uncertainties are further described in reports filed by
STEALTHGAS INC. with the US Securities and Exchange Commission.